Author：Mingyao

Editor：Colin Wu

1、BendDAO faced a liquidity crisis and proposed BIP#10 to amend the Liquidation Threshold implementation schedule. Link

Summary：Due to the depressed NFT market, BendDAO may induce many users to pledge NFT to lend ETH, but few are prepared to store ETH, causing an imbalance in the pool's supply and demand. After the community proposal adjusted specifications and Web3 fund ABCDE proposed 10,000 ethereum liquidity, the lending pool liquidity regained.

News：On August 19, cryptocurrency analyst Cirrus tweeted that the NFT lending market is at risk of liquidation, with 32,267 Ethereum NFTS utilised as collateral in BendDAO. Many BAYC and MAYC in BendDAO have health coefficients below 1.2, near the liquidation level. On August 22, 28 NFTS in four categories—BAYC, Doodles, MAYC, and Clone X—were liquidated in BendDAO.

On August 23, BendDAO published BIP#10, a new proposal that adjusts the clearance threshold and auction cycle implementation plan. The same day, NFT BIP#10 was approved. The plan calls for a progressive increase in the liquidation threshold to 70%, a four-hour auction time instead of 48 hours, a 20% ETH benchmark rate, and a vote by the BendDAO community on what to do when bad debts materialise.

2、The founders of Synthetix proposed SIP-276 to cap the amount of $SNX at 300 million. Link

News: On August 26, Kain Warwick, founder of synthetic asset protocol Synthetix, proposed a new governance proposal, SIP-276, which plans to cap the total supply of SNX tokens at 300 million to end inflation. To be more specific, this SIP caps the supply of SNX at 300m tokens and elevates the token supply to metagovernance status, meaning that any future changes to the token supply will require a unanimous vote by the Spartan Council. The inflation for the current fee period has been minted raising the total supply to 293,251,260.79 SNX. After the current inflation is distributed this period, inflation will run for a further ten fee periods with 674873.92 SNX minted each week until the total supply reaches 300,000,000.

Comment: After 6 weeks, the total quantity of SNX will reach 300 million, at which point inflation will cease, making the SNX a zero-inflation token. Note whether Synthetix's model functions without inflation.

3、The Cosmos Eco-EVM compatibility chain Evmos announced that it will upgrade to version 8.0.0, enabling the Feesplit module and the DApp Store.  Link

The Cosmos Eco-EVM compatibility chain Evmos announced on August 24 that it will upgrade to version 8.0.0 within the next six days, enabling the Feesplit module and the DApp Store. The 𝚏𝚎𝚎𝚜𝚙𝚕𝚒𝚝 module enables $EVMOS to support splitting tx fees between block proposer and contract deployers. Its based on EIP-1559 but redistributes the fees instead of burning. This fee distribution will be implemented as a 50/50 split between contract deployers and validators and can be tuned by governance. To prevent spam, contracts that are eligible have to go through governance.

On August 26, Evmos team stated on Twitter: The v8.0.0 upgrade to mainnet will be postponed  and please vote "NO" on the live upgrade proposal (Prop #50). During the testnet upgrade, the team identified changes necessary to delivering the full end-user experience and they will be putting out a new Evmos release soon.

4、Ethereum Foundation Adopts D/Bond’s ERC-3475 Standard to Take DeFi to the Next Level.  Link

News: D/Bond created a new standard to introduce bonds and add value to improve Ethereum’s existing infrastructure and ecosystem. It is now accepted by the Ethereum Foundation, the network and ecosystem’s main supporter. The proposal had been evaluated and debated. Ultimately, it was deemed secure, complete, and ready to be presented not only to EF experts but to all Web 3.0 and decentralised finance (DeFi) enthusiasts.

Comment: The EIP-3475 standard reduces the time required to issue bonds and eliminates all intermediaries that affect bond pricing; As a result, it will be exciting to explore what new products and services ERC-3475 can bring.

5、Buyers on X2Y2 can now choose the amount of royalties they would like to contribute to projects. Link

News: On August 26th, NFT marketplace platform X2Y2 launched the "Custom Royalty", allowing buyers to pay 100%, 50%, or 0% of the royalty rate when acquiring an NFT without hurting the seller's income. X2Y2 says they need to remain at the table in order to implement changes for the better in the long run otherwise Sudo & Gem (OS) 0% system will prevail.

Comment: Many projects say that it is a badly thought out scheme to try and gain global trading volume without any consideration of the creators and projects.

6、The Maker Governance enabled a new Executive Proposal MIP6. Link

On August 26, the Maker Governance enabled a new Executive Proposal. A 25 million DAI drawdown in the largest real-world asset vault is ready to be executed if $MKR holders and Delegates support it with their vote. As per their successful governance poll, 25 million DAI will be drawn down in the RWA-009 vault, if this executive proposal passes.

7、Users can stake ETH to receive wstETH on Loopring Link

Lido is a liquid staking solution for Ethereum 2.0 backed by industry-leading staking providers. On August 26, users can stake ETH to receive wstETH on Loopring via both the web app and the Loopring Wallet app.

It is important to note that users can’t redeem wstETH for ETH until phase 2 of Ethereum 2.0. However, users are able to trade wstETH for ETH on various exchanges at market prices. Loopring will provide a pool to allow users to trade wstETH for ETH directly on Layer 2. If there is not enough inventory on Layer 2, users can always withdraw their wstETH tokens to Layer 1 and swap for ETH in Lido, Curve, or 1inch — or alternatively wait for the pool to rebalance and try again later.

8、Optimism Devnet Launch, allowing users to mint/redeem UXD with ETH. Link

On August 25, UXD Protocol announce the launch of their devnet on Optimism, and users can mint/redeem UXD with ETH now. UXD is a stablecoin which backed by a delta-neutral position and pegged to the USD. UXD on Optimism is integrated with Perpetual Protocols to create the delta-neutral position.

9、Sushi governance is expected to vote on The Meiji Restoration in the next week or two. Link

Sushi governance is expected to vote on The Meiji Restoration in the next week or two. Sushi Meiji would make two key changes to the protocol: an on-chain DAO and vote escrow (ve) tokenomics.

The proposal aims to: decentralize and streamline governance, overhaul SUSHI's tokenomics, drive deeper liquidity pools and remove liquid SUSHI tokens from circulation. Vote escrowed oSUSHI will be similar to the vote escrowed veCRV model with one key difference: the separation of protocol governance from price speculators. And Liquidity gauges allow liquidity providers to deposit their LP tokens and are in turn rewarded with emissions in the form of SUSHI.

10、Sui, a noteworthy L1 project, launched Sui Explorer Link

On August 26, Sui, a noteworthy L1 project, officially announced the launch of its blockchain browser, Sui Explorer, in order to provide users and developers with inspection and analysis tools. Sui Explorer is intended to give real-time on-chain data, activities, and metrics, as well as to enable the discovery, verification, and tracking of all assets and contracts. Sui Explorer data indicates that there are currently 16,705 nodes in more than 60 countries throughout the world.

11、Meta accounts and Meta Horizon profiles are introduced Link

On August 24, Meta accounts and Meta Horizon profiles are introduced. New Meta account structure gives users more flexibility and control, letting them choose what to show up, and whether Facebook and/or Instagram is part of experience in VR where users use their Meta Horizon profile.

On August 26, Zuckerberg stated that Meta's next VR headset will be out in October and will emphasise social.

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